Friday, Canada-based oil and gas company Bankers Petroleum Ltd. (BNK.L, BNK.TO) reported a loss for the second quarter, reflecting a significant drop in revenues on lower prices.
The company's net loss for the quarter was US$1.68 million or US$0.009 per basic share, compared to net income of US$1.05 million or US$0.006 per basic share in the previous year.
Total revenues for the quarter declined to US$14.94 million from US$27.92 million in the earlier year. Oil revenues were US$20.11 million, down from US$34.16 million a year ago.
Oil revenues increased by 53% from $13.1 million in the first quarter, benefited from higher sales volumes and stronger oil prices.
Net operating income for the quarter declined to US$6.97 million from US$18.14 million in the prior year. Funds generated from operations fell to US$6 million from US$16.75 million in the previous year.
Average production for the quarter was 6,383 barrels of oil per day, or bopd, an increase of 10%, compared to 5,826 bopd in the corresponding period last year.
Average price per barrel dropped to US$34.63 from US$64.36 in the preceding year. The fluctuation in the sales prices reflected the change in Brent prices, which averaged $58.79 for the second quarter of 2009.
The company's netback, which represents revenue less royalties, operating, sales and transportation expenses, were $12 per bbl compared to $34.63 per bbl in the prior year.
For the six-month period, the company posted net loss of US$4.17 million or US$0.022 per basic share, compared to net income of US$1.36 million or US$0.009 per basic share in the preceding year. Revenues for the period dropped to US$24.76 million from US$48.53 million in the same period last year.
BNK.L closed Thursday's regular trading at 180.57 pence, while BNK.TO ended at C$3.68.
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